Dear friends,
What are your opinion regarding this and quote any case laws for this if related. It is a bit mid size question but very intresting so you may go through.
Assessee is filing return from many years. He regularly claims depriciaton on Asset A and Asset B. But in one year due to software problem Asset B did not got selected in schedule and he did not claimed depriciation on it. It was not showned in return. But the Tax audit clearly stated the correct depriciation figure. 143(1) and even 143(3) was over. But it was still not detected by assessee and even AO that deprication of Asset B is not claimed in return. After some days going through the AO's order client noticed the mistake. But time for revise return was elapsed. So what is the solution now? on what basis can assessee claim depriciaton? can 154 (mistake apparent from record) be invoked and can AO change and allow the depriciaition? Depriciation is compulsary to claim so is this ground valid? any case study of simmilar nature? does commissioner have power to recompute including the deprictiation? Please reply to this as soon as possible.
Thanks in advance.
CAclubindia
